How is monthly mortgage payment calculated?

Standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is loan amount, r is monthly interest rate, n is number of months.

Principal, Interest, Taxes, and Insurance — the full monthly housing payment including property tax and homeowner's insurance.

Monthly payment on $400,000 home with 20% down?

At 6.5% over 30 years on a $320,000 loan, principal and interest are roughly $2,020/month, plus tax and insurance.

Does this work for Canada?

Yes. Enter amounts in CAD. Canadian mortgages may use different compounding — this uses standard monthly compounding as a close estimate.

Is my financial data stored?

No. All calculations run in your browser; nothing is sent to a server.

Everyday

Mortgage Calculator

Estimate monthly mortgage payment, total interest, and amortization for US and Canada.

100% client-side — your data never leaves this tab

100% client-side — your salary never leaves this tab

Home price (USD/CAD)Down paymentInterest rate (% p.a.)Loan term (years)Property tax (annual, optional)Insurance (annual, optional)

Monthly payment

Loan amount: $360,000.00
Principal & interest: $2,275.44
Property tax (monthly): $400.00
Insurance (monthly): $100.00
Total monthly payment: $2,775.44
Total interest over life: $459,158.40
Total paid (PITI): $999,158.40

First 12 months (amortization)

Mo	Principal	Interest	Balance
1	$325.44	$1,950.00	$359,674.56
2	$327.20	$1,948.24	$359,347.36
3	$328.98	$1,946.46	$359,018.38
4	$330.76	$1,944.68	$358,687.62
5	$332.55	$1,942.89	$358,355.07
6	$334.35	$1,941.09	$358,020.72
7	$336.16	$1,939.28	$357,684.56
8	$337.98	$1,937.46	$357,346.58
9	$339.81	$1,935.63	$357,006.77
10	$341.65	$1,933.79	$356,665.12
11	$343.50	$1,931.94	$356,321.62
12	$345.36	$1,930.08	$355,976.26

Estimate only — not tax or financial advice

This is an estimate for informational purposes only, not tax or financial advice. Tax situations vary — consult a qualified tax professional or accountant. Rates current as of 2026.

Calculations happen in your browser — your income never leaves your device.

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What is Mortgage Calculator?

Mortgage Calculator estimates monthly housing payments for US and Canada. Enter home price, down payment, interest rate, loan term, and optional property tax and insurance to see principal & interest, total monthly payment (PITI), total interest, and a 12-month amortization preview. Works with USD or CAD — all client-side.

Home price and loan details stay on your device — calculations are 100% client-side.

How to use Mortgage Calculator

1Enter home price and down payment.
2Set annual interest rate and loan term in years.
3Add optional annual property tax and insurance.
4Review monthly payment breakdown and amortization table.

Examples

$450,000 home, 20% down, 6.5%, 30 years

Loan $360,000 → P&I ~$2,275/mo before tax & insurance

$300,000 home, 10% down, 5%, 25 years

Higher loan amount and shorter term increase monthly P&I

Tips & common mistakes

A larger down payment reduces loan amount and may eliminate PMI (not modeled here).
Property tax and insurance vary widely by location — use local estimates.
Extra principal payments reduce total interest but are not included in this estimate.

Who uses this tool?

First-time homebuyers budgeting monthly costs.
Comparing 15-year vs 30-year mortgage terms.
Refinance what-if scenarios with new rates.

Frequently asked questions

How is monthly mortgage payment calculated?: Standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is loan amount, r is monthly interest rate, n is number of months.
What is PITI?: Principal, Interest, Taxes, and Insurance — the full monthly housing payment including property tax and homeowner's insurance.
Monthly payment on $400,000 home with 20% down?: At 6.5% over 30 years on a $320,000 loan, principal and interest are roughly $2,020/month, plus tax and insurance.
Does this work for Canada?: Yes. Enter amounts in CAD. Canadian mortgages may use different compounding — this uses standard monthly compounding as a close estimate.
Is my financial data stored?: No. All calculations run in your browser; nothing is sent to a server.